Office Insurance

A Commercial Office Space Insurance is a policy that protects an office and its contents. An office insurance policy can cover against fire, natural calamities such as floods and earthquakes, and many named and unnamed perils. Office insurances are also designed to cover for burglary.

With such an insurance policy your office is protected from a lot of damages such as: third-party liabilities, misuse of office data, damage to fixed assets, loss of items of employees and other financial risks.

Office insurance policy is a simple policy and below is how it functions:

• Anyone who is interested writes to us about the details of the property and their interest in obtaining an office insurance policy. The insured has to give us a sum assured value.
• We then take your details and requirements to procure the best quotes for you.
• You can finalize the quotation from an insurer and we proceed with the same.
• The insured pays the premium and the policy is placed. The coverage starts as soon as the payment is made.
• The insured also gets a free look period of 15-30 days (depending on the insurer) to decide on to keep or cancel the policy.
• In case of any adversity where a claim arises, the insured has to inform about the same as soon as possible and share relevant claim documents.
• The insurer then appoints a surveyor, based on whose reports the claim is processed.
• Both the insured and the insurer have the right to deny each other's decision on the claim. So, the insurer can reject claims based on correct grounds while the insured also holds all right to fight back the same in a court of law.

The key features of office insurance policy are as below:

• Package Policy: Single property insurance policy can cover all types of commercial assets including building, furniture, fittings and fixtures, electrical and electronic equipment, laptops and mechanical equipment.
• Customized Cover: Apart from basic commercial office insurance coverage such as fire insurance, you can opt for add-on covers like burglary, theft, earthquake, electronic equipment insurance, and laptop insurance.
• Add-Ons: Policy can have several add-ons such as escalation clause, omission to insure, damage due to own cranes, and rent for alternative accomodation in the event the property cannot be used due to a claim.
• Easy Documentation: Getting office insurance is easy. The sum assured for fire needs to be self declared. Details are needed only for laptop all risk insurance where the make, model and serial number are required.

Office property insurance covers all your assets from various risks & perils such as Fire, lightning, riot, strike, malicious damage, mechanical & electronic breakdown, burglary, storm, tempest, flood and inundation. There are add on coverage such as earthquake, terrorism, theft and rent for alternative accommodation which can also be covered in the property insurance.

Office property insurance policy does not cover normal wear and tear due to deterioration, intentional damage to the property, damage to the property due to war, illegal activity or pollution. Also, the common exclusions in office fire insurance policy also includes damages due to radioactive contamination and pollution or contamination losses.

Below are the benefits of office insurance policy:

Variety of Risks Covered

• The office property insurance policy covers the loss or damage caused from fire, lightning strike, natural catastrophes and other specified perils such as impact damage or leakage due to bursting of pipes.
• Electrical and electronic equipment can be covered for mechanical breakdown and short circuit.
• Portable equipment such as laptops can be covered for theft during transit.

Insurance at Reinstatement Value

• Insurance policy would reimburse the cost of reinstating the asset to its condition prior to loss. Depreciation charge is not deducted if the reinstatement value clause is applied.
• By default claims in fire insurance policies are settled based on market value i.e., after deduction of depreciation.
• Under the reinstatement clause, property has to be reconstructed to be eligible for the claim.

Consequential Loss Cover

• Select subsequent losses arising from a covered peril insured under the policy could also be indemnified. For example, rent for an alternative accommodation during the reinstatement period.
• Under Fire Loss of Profits (FLOP), loss of profits during the reconstruction period is covered.
• Gross profit or Net Profit + Standing expenses, is considered for FLOP Insurance.

There are three types of office insurance policies:

• Option 1: coverage for only content of the office
• Option 2: coverage for office premises and its contents
• Option 3: coverage for the office premises, content of the office and also the valuables (such as cash, equipment and so on)

It is easy to buy a commercial office space insurance policy with SecureNow. You can just fill the form provided above with your basic contact details. An office insurance expert will get in touch with you to collect your requirements. After understanding your requirements fully, we’ll share competitive quotations with you. The SecureNow team will assist you in the whole process starting from procuring the insurance, policy placements and renewals to claim settlements. Additionally, you can also drop us an email at support@securenow.inand an insurance expert will get in touch with you soon.

Below are the documents required for office insurance policy claim process:

• duly filled claim form
• FIR
• fire brigade report
• final investigation report
• invoice copy of the damaged asset
• forensic laboratory report (if any)
• estimated cost of repair or lost product

In addition to these documents, the insurer can ask for some additional documents based on the type of claim.

In case of a claim, you need to first intimate your risk manager as soon as possible about the incident. Our claim team will inform the insurer and get a surveyor appointed who would visit the accident site to conduct a survey. You would then need to submit a claim form, invoices and other documents required by the insurance company within the allowed time limit. Before the surveyor inspects the loss, you should not initiate repairs. You should try to minimize the loss, inform local authorities, and take pictures of the loss. SecureNow will assist you in each step of your claim process.